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Judgment
This Appeal has been filed against the order dated 20.07.2023 passed by the Adjudicating Authority on I.A No.924 of 2020. IA was filed by the Liquidator seeking direction to Respondent No.1 to make a fresh FDR of Rs.10,00,308/- as 100% margin against the Bank Guarantee.
The Adjudicating Authority after hearing the Liquidator, noted the submissions of Respondent No.2 - Customs Department to whom the Bank Guarantee in respect of EPCG license was given by the Corporate Debtor. The Adjudicating Authority relying on the judgment of this Tribunal in “Bharat Aluminium Co. Ltd. vs M/s. J.P. Engineers Private Limited, Company Appeal (AT) (Insolvency) No. 759 of 2020” held that the assets of the surety are separate from those of the Corporate Debtor and proceedings against the Corporate Debtor may not be seriously impacted by the actions against assets of a third party like a surety. Relying on the said judgment the application filed the Liquidator has been dismissed.
We do not find any error in the decision of the Adjudicating Authority dismissing the application filed by the Liquidator (Appellant herein). Appeal is dismissed.